Replies to post #351009 on Mr Cooper Group Inc (COOP)

[dukelasilvertbird]

From the Y board; Regarding Claims

Here's the language from the POR, pg. 13. It appears that claims can be made against the BOD, Weil, and A_&_M and third-parties ... BUT ONLY for actions BEFORE the BK.


The Establishment of a Litigation Subcommittee

As discussed in more detail in Section III.B.4.a hereof, the Liquidating Trust under the Seventh Amended Plan will provide for a subcommittee of the Trust Advisory Board (the “Litigation Subcommittee”) that will oversee all litigation relating to ((the prosecution of Causes of Action against third parties)) including, among other things, subject to the exculpation and release provisions of the Seventh Amended Plan,

a) claims against present and former officers and directors of the Debtors for actions arising during the period prior to the Petition Date (the “D&O Claims”),

(b) claims against professionals and representatives retained by the Debtors with respect to actions arising during the period prior to the Petition Date, and

(c) claims arising prior to the commencement of the Debtors’ bankruptcy cases against third-parties for any non-contractual breach of duty to WMI, including, but not limited to, antitrust claims and business tort claims.14

The Litigation Subcommittee will be comprised of one (1) member selected by the Creditors’ Committee and two (2) members selected by the Equity Committee.

Twenty Million Dollars ($20,000,000.00) will be allocated to the litigation Subcommittee for the prosecution of Causes of Action against third parties.

Proceeds from all litigation will be distributed to the Liquidating Trust Beneficiaries consistent with the terms of the Seventh Amended Plan, in accordance with the Subordination Model annexed as an exhibit to the Seventh Amended Plan, a copy of which is set forth in Section III.B.6.d hereof. Rating :
(10 Ratings)Rate it:
charliendud...


Houston


--------------------------------------------------------------------------------

[umaw]

955, thank you for the detailed post! I tend to see eye to eye with you! Why the E/C and Susman is compromising so much is beyond me but what I have learned is that this is how the system works, for sure! I have one word for you: Chappaquiddick!